** International Financial Services Centres Authority** CTBC Bank (Taiwan's largest private bank) applied to set up an IFSC Banking Unit in GIFT City.

1. Establishment of IFSCA: * Statutory Body: Established under the International Financial Services Centres Authority Act, 2019. * Objective: To develop & regulate financial products, services, and institutions within India's International Financial Services Centres (IFSCs). * Vision: Create a global financial hub with strong international linkages, serving India and the broader region.

2. Key Functions & Significance: * Unified Regulator: Replaced the earlier fragmented regulation by RBI, SEBI, IRDAI, and PFRDA within IFSCs. * Developmental Role: Actively promotes the growth and competitiveness of the IFSC ecosystem. * Regulatory Scope: Covers banking, securities, insurance, pension funds, and other financial services offered within the IFSC. * Focus Areas: Attracting global capital, fostering innovation (FinTech), enhancing ease of doing business.

3. Structure & Governance: * Headquarters: GIFT City, Gandhinagar, Gujarat. * Members (9 Members): * Chairperson. * One member each from: RBI, SEBI, IRDAI, PFRDA * Two members from the Ministry of Finance. * Two other members appointed based on Selection Committee recommendations. * Term: 3 years for all members, subject to reappointment.